MTV News Shut Down As Paramount Global Cuts 25% of Its Staff

Paramount Global, the parent company of CBS, Nickelodeon, Comedy Central and Showtime, announced today that it is laying off some 25% of its staff and shutting down MTV News. NPR reports: In addition to reports of a soft ad market, Paramount Global is doing considerable restructuring. Earlier this year, Showtime merged with MTV Entertainment Studios. In an email to staff obtained by NPR, Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, explained the decision-making behind the cuts. While touting the "incredible track record of hits" such as Yellowstone, South Park, and Yellowjackets, McCarthy wrote, "despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers. To address this, our senior leaders in coordination with HR have been working together over the past few months to determine the optimal organization for the current and future needs of our business." "This is a very sad day for a lot of friends and colleagues," wrote MTV News' Josh Horowitz on Instagram, "Many great people lost their jobs. I was hired by MTV News 17 years ago. I'm so honored to have been a small part of its history. Wishing the best for the best in the business." The news comes on the heels of a disappointing first quarter earnings report for the corporation.

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